Parsons (NYSE:PSN) to Buyback $250.00 million in Shares

Parsons (NYSE:PSN) announced that its board has initiated a stock buyback program on Monday, March 24th, RTT News reports. The company plans to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Parsons Trading Up 2.4 %

Shares of PSN stock opened at $60.47 on Tuesday. The company has a market cap of $6.46 billion, a PE ratio of 79.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68. The stock’s 50 day simple moving average is $71.34 and its two-hundred day simple moving average is $90.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSN. Benchmark reiterated a “buy” rating and issued a $90.00 price target on shares of Parsons in a research report on Wednesday, February 26th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. KeyCorp dropped their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, TD Cowen downgraded Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a research note on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $99.44.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.